The skyrocketing over-the-counter trading volume indicates that institutional investors are buying Bitcoin (BTC) heavily this week.
Dylan LeClair, co-founder of consulting and analytics firm 21st Paradigm, in his last post He suggested that there is a clear interest in Bitcoin from high-income investors at the current price level.
Institutional investors increased their savings
Using data from on-chain analytics resource Glassnode, LeClair also detected a spike in over-the-counter activity as the BTC/USD pair hit $40,700.
Over-the-counter trading volume tends to increase along with the BTC price.
Over-the-counter formations had bought from temporary price dips during the corrections in May and June. The same phenomenon was true even when BTC/USD broke records throughout 2021.
“The past week has seen huge trading volume on over-the-counter platforms,” commented LeClair.
“High-income investors and organizations want your Bitcoin.”
While the latest spike in volume isn’t the biggest, data shows a significant BTC outflow from major exchanges as well.
According to the news of Cointelegraph, around 57 thousand BTC was withdrawn from exchanges last Wednesday. On Thursday, over 98,000 Bitcoins were withdrawn from Kraken alone.
Bitcoin, which has lost around 2 percent in the last 24 hours, is trading at $ 38,800 as of the translation publication time.